Footnotes

Chapter 2 - The Corporations Amendment regulations 2003 (No. 1), Statutory rules 2003 No. 31

[1]        On 16 September 2002, Senator Conroy moved that regulations 7.9.10 and 7.9.11, Statutory Rules 2001 No. 319; and regulations 7.9.10, 7.9.11(1)(a), 7.9.11(1)(b) and 7.9.11(2), Statutory Rules 2002 No. 16 and Regulation 7.8.22, Statutory Rules 2002 No. 41 be disallowed. Senate Journals, No. 30, 2002.

[2]        Senate Hansard, 16 September 2002, p. 4147.

[3]        Senate Hansard, 16 September 2002, p, 4152.

[4]        Submission 10, p. 1.

[5]        Submission 10, p. 1.

[6]        Submission 4, p. 3.

[7]        Committee Hansard, p. CFS 42.

[8]        Section 1433 of the Corporations Act 2001 reads

  Streamlined licensing procedure for certain principals

          (2) If:

(a) a regulated principal to whom this section applies, before the end of their transition period, applies (in accordance with section 913A of the amended Corporations Act) for a licence covering some or all of their regulated activities (but no other activities); and

(b) their application includes a statement (in accordance with the requirements of the application form) to the effect that they will, if granted the licence, comply with their obligations as a financial services licensee; the following provisions apply:

(c) section 913B of the amended Corporations Act applies to their application as if paragraphs 913B(1)(b), (c), (ca) and (d), and subsections 913B(2) to (5), were omitted; and

(d) the licence condition required by subsection 914A(6) of the amended Corporations Act in relation to a licence granted pursuant to their application must specify, as the financial services that the licensee is authorised to provide, financial services that equate (as closely as possible) to the regulated activities in respect of which the application was made.

[9]        Additional information from the Department of Treasury to the Committee, 18 June 2003. This information is set out in full in appendix 3.

[10]      Committee Hansard p. CFS 40.

[11]      Committee Hansard, p. CFS 40.

[12]      Committee Hansard, p. CFS 41.

[13]      Corporations Amendment Regulations 2003 (No. 1) 2003 No. 31, Explanatory Statement, Statutory Rules 2003 No. 31. http://scaleplus.law.gov.auhtml/ess/0/2003/N/20030311031.htm  13 May 2003.

[14]      Committee Hansard, p. CFS 41.

[15]      The definition of general advice in section 766B of the FSR Act is ‘financial product advice that is not personal advice’. Personal advice is defined as ‘financial product advice that is given or directed to a person (including by electronic means) in circumstances where:

(a) the provider of the advice has considered one or more of the person’s objectives, financial situation and needs; or

(b) a reasonable person might expect the provider to have considered one or more of those matters.’

[16]      Additional Information, draft response from Treasury to the Committee, 18 June 2003. See Appendix 3.

[17]      ibid.

[18]      The relevant sections of the Act that stipulate the components that need to be disclosed in 942B(2) read:

(a)       a statement setting out the name and contact details of the providing entity;

(e)           information about the remuneration (including commission) or other benefits that any of the following is to receive in respect of, or that is attributable to, the provision of any of the authorised services—the providing entity, a related body corporate of the providing entity, a director or employee of the providing entity, a director or employee of the providing entity or a related body corporate, an associate of any of the above, any other person in relation to whom the regulations require the info to be provided;

(f)            information about any associations or relationships between the entity, or any related corporate, and the issuers of any financial products, being associations or relationships that might reasonably be expected to be capable of influencing the providing entity in providing any off the authorised services.

[19]      Committee Hansard, p. CFS 42.

[20]      Committee Hansard, p. CFS 42.

[21]      Department of the Prime Minister and Cabinet, Federal Executive Council Handbook,  Section 5.5, http://www.pmc.gov.au/docs/DisplayContents1.cfm?&ID=1 (18 June 2003).

[22]      Corporations Amendment Regulations 2003 (no. 1), Explanatory Statement, item 28.

[23]      Committee Hansard, p. CFS 43.

[24]      Submission 4, p. 2.

[25]      Submission 4, p. 2.

[26]      Submission 8, p. 2.

[27]      Submission 8, p. 2.

[28]      Committee Hansard, p. CFS 38.